Silvergate Bank 2Q19 Update: Crypto-related deposits grow by 11%; SEN usage increases dramatically

Silvergate Bank, one of the few crypto-friendly banks in the U.S., posted mostly positive results in its most recent S1 filing . Like the rest of the banking industry, the lower rate environment had a negative impact on Silvergate’s 2Q19 earnings. However, growth in deposits and SEN trading volumes were the highlights of the quarter.
Digital Currency Deposits back on the rise
Following two consecutive quarters of declines, deposits from cryptocurrency-related clients changed its course in 2Q19. Deposits from Silvergate’s digital currency initiative grew by $144 million (+11%) sequentially to $1.5 billion as its customer base increased by 6% to 655.
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